Helsinki, Finland-based multi-national rental company Cramo last week reported higher-than-expected second-quarter revenue and operating profit. Cramo’s second-quarter operating profit jumped to €28.7 million (about U.S. $42.5 million) an increase of 32.3 percent compared with last year’s second quarter.
Revenue for the quarter rose 32 percent to €154 million (about U.S. $228 million), which topped analysts’ average forecasts of about €145 million, fueled by acquisitions in Finland, Sweden and Norway.
Cramo said it expects the equipment rental services market in countries where it does business to grow faster than the construction market during the next 12 months, and is particularly bullish about the potential for growth in Sweden, its largest market.
For the first half of the year, sales totaled €280.8 million, a 25.5-percent increase compared with last year’s first-half total of €223.7 million. EBITDA for the first six months was €48.1 million, a 23.1-percent leap compared with €39.1 million for the year-ago period.